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News & Views on Indian Real Estate

Wednesday, April 09, 2008

Owing a House – A distant dream?

The dream of having one’s own roof over one’s head is a universal one. India is no different. Almost all of us – including me – have a dream of owning our own houses. But in the present real estate boom coupled with inflation, how many among us are actually making our dream come true? In my last blog, there were a few comments on how the rich are getting richer and the common man is left out of this phenomenal real estate growth of the country.

On a recently conducted online survey carried out by a property site, it was revealed that more than half of those surveyed are looking for a 2-bedroom home within 5-10 lakhs. It will be logical to say this largely reflects the dreams and aspirations of the common man – you, me and other people like us including the service class, businessmen, lawyers, professors, house wives and young professionals.

However, going by the present trend, the Rs 5-10 lakh bracket of affordable houses are confined to the extreme suburbs or peripheries of large and small cities. Majority of the sample in the survey are from metros, where a 2 bedroom house is at least three to five times more than the affordable range! Tier II and Tier III cities too are fast catching up – making it even more difficult for the common man.

It was on news that the Ministry of Housing and Urban Poverty Alleviation has commissioned the Reserve Bank of India team to find out more about affordable housing. I sincerely hope that they realize the folly of skewed growth and make the necessary correction.

Williams said...

Please read this post and the four comments with it. Very relevant when discussing affordable housing for Indians below 10 lakhs.
http://aavaas.com/2008/06/18/independent-house-vs-apartment-part-4/

Architectse said...

I really like your blog it’s excellent…


Plz share more about India real estate growth in this ression

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